2-Flexible budget. Brabham Enterprises manufactured tires for the Formula I motor racing circuit. For August 2016, Brabham budgeted to manufacture and sell 3,000 tires at a variable cost of 74$ per tire and a total fixed cost of 54,000$. The budgeted selling price was 110$ per tire. Actual results in August 2016 were 2,800 tires manufactured and sold at a selling price of 112$ per tire. The actual total variable costs were 229,600$, and the actual total fixed costs were 50,000$. REQUIRED: 1. Prepare a performance report (akin to Exhibit7-3) that uses a flexible budget and a static budget. 2. Comment on the results in requirement 1